Extended mining to net K3bil

Business, Main Stories


THE National Government will earn about K3 billion in revenues over seven years after 2013 if it approves mine extension plans for Ok Tedi copper mine in Western province.
The K3 billion would come from dividends, taxes and royalties.
At least 1,500 people and contractors would still be employed and the provision of basic services would continue, according to Ok Tedi Mining Ltd (OTML).
One important impact for consideration would be the disposal of about 430mt of waste rocks.
The extension plan includes the development of two small underground mines (Paris and Gold Coast) and an open cut mine (Berlin) that would produce about 280mt of waste rock and tailings, and milling processing.
OTML said to access the Berlin ore by 2014, about 150mt of waste would need to be stripped from the West Wall and the mine development programme “will have to commence in 2010 to meet the 2014 target”.
Mine life extension would produce about 100,000 tonnes of copper and 350,000 ounces of gold per year.
OTML sees the extension as an opportunity to provide continued benefits to national, provincial and local economies but at a reduced level.